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Trading Spot Gold

  • Writer: Lester Davids
    Lester Davids
  • 13 minutes ago
  • 1 min read

Research Notes For 30 June to 04 July > https://www.unum.capital/post/r3004july

Trade Local & Global Financial Markets with Unum Capital.

To get started, email tradingdesk@unum.co.za


As of 30 June 2025, The price action model for Spot Gold presents a layered and cautious outlook.


  • Current State: Gold is in a state of consolidation (Rangebound) with an underlying bearish bias (Weak).

  • Short-Term Outlook: The path of least resistance is sideways. A bullish reversal requires a confirmed breakout above the current range, driven by strong buying interest.

  • Medium-Term Outlook: The prior uptrend is losing steam. The recommended tactical approach is to sell into strength, targeting key moving average levels as likely points of failure for any rallies.

  • Long-Term Outlook: There is significant uncertainty, and the model advises against taking a strong directional stance over a multi-month horizon.


In summary, the model signals a period of indecision and potential topping for Spot Gold. It advises traders to be patient, favoring short-selling opportunities on rallies in the medium term, while waiting for a decisive breakout of the current range before considering new long positions. The lack of a long-term signal underscores the need for caution.



Lester Davids

Senior Investment Analyst: Unum Capital

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